Dussehra Brings 4 Money Lessons to You

Get Rid of the Financial Evils Eroding Your Wealth This Dussehra

Introduction

Dussehra brings the 4 money lessons to you. Dussehra marks the victory of good over evil. It is the time to let go our poor money habits and inculcate prudent financial behaviour. Get rid of the financial evils eroding your wealth this Dussehra.

Dussehra Brings 4 Money Lessons to You

The festival of Dussehra symbolizes the victory of good over evil. The mythological stories of Lord Ram killing evil Ravana and Goddess Durga’s victory over Mahishasura teach us to curb our greed and throw away the bad intentions. We can also draw some financial planning lessons from the auspicious occasion of ‘Dussehra’.

Here are the 4 important money lessons Dussehra brings to you.

1. It is a time for new beginnings

• Dussehra or Vijayadashami is one of the auspicious occasions to start new ventures and projects. Decisions regarding personal finance cannot be taken impulsively and need to be given some thought.
• Dussehra is a great occasion to start thinking about financial planning. In order to start the process of setting our financial lives in order, you can start by creating and outlining a proper financial plan that suits you the best.
• If you wish to achieve your financial goals, you can always invest in a mutual fund scheme that is aligned with your financial goals and matches your risk appetite.

2. Get rid of the financial evils eroding your wealth

• During Dussehra festivities, Ravana’s effigy is burnt which symbolizes victory of good over evil. In the similar way, we can start getting rid of bad financial decisions which act as the financial evils eroding our wealth.
• Wasteful spending, delaying your investments, being greedy about risky investments for higher returns, impatience in volatile market scenarios are examples of financial evils within us.
• Irresponsible use of credit cards, overshooting our budgets, buying expensive insurance cum investment policies, personal loans to fund our ‘wants’ can be gradually brought under control. It’s important to accept the bad decision and try to work on it at the earliest.

3. Follow financial self-discipline

• Lord Rama is considered as ‘Maryadapurushottam’ – a man who was upright and responsible in life. One needs to understand the importance of financial discipline in a manner so that its application leads to the well being of family members.
• Like Lord Rama practiced frugality, we must learn to be on top of our personal budgets. One should have adequate insurance cover and plan for financial goals like retirement, children’s education etc.
• Dussehra comes after 9 days (Navratri) of fasting and self restraint, an ability to train the mind to not give in to temptations. Similarly, we can achieve Financial freedom only by financial discipline and patience. Making small sacrifices is a trade-off for our future’s security. Planning for financial security is imperative and discipline is the only belief to achieve it.

4. Protect your finances

• The festival of Dussehra symbolizes the faith in defeating all forms of evil to protect humanity on Earth. By protecting or securing your finances, the message is to create a financially sound future and shun all evils that affect your financial wellbeing.
• You can protect your hard-earned money from going waste by putting it to good use; in the form of investments or insurance plans. The ill effects of not having or inadequate amount of life and health insurance can take us back by few years in terms of our financial lives. So if you are not adequately insured, Dussehra is a great time to reflect and start working towards it.
• Also, maintaining a contingency fund that helps battle your emergency needs can also prevent you from using up your savings or taking loans.

Dussehra is a joyous occasion and it is a time you also take charge of your finances while enjoying the festivities. Let there be a Shub Araambh this Dussehra for healthy and prosperous financial health through the means of financial planning.